Benzinga - Sam Bankman-Fried and U.S. prosecutors have come to an agreement regarding the conditions of his bail, according to a statement made by his legal representative on Monday, Reuters reported.
This was after the judge, who was overseeing Bankman-Fried's criminal fraud case in Manhattan, temporarily restricted him from contacting employees of FTX or Alameda Research hedge fund, due to concerns of witness tampering.
Bankman-Fried's lawyers argued his intention in contacting current executives was to offer assistance, not interfere.
Also Read: Court Proceedings Reveal FTX Being Advised By This Cyber Security Company After $600M Hack In November 2022
Bankman-Fried entered a plea of not guilty and was currently under house arrest at his parents' home in California.
Defense lawyer Mark Cohen asked for a postponement of a hearing scheduled for Feb. 7, as well as a deadline for explaining why Bankman-Fried should be able to access and transfer cryptocurrency prior to the trial.
The cryptocurrency exchange collapsed in December, and Bankman-Fried was arrested soon after.
Prosecutors have accused him of looting billions of dollars in FTX customer funds to cover losses at Alameda, while Bankman-Fried claimed FTX's downfall was due to a liquidity crunch and he did not steal any funds.
Two former colleagues have already pleaded guilty and are cooperating with prosecutors.
The trial is set to take place on Oct. 2.
Read Next: Crypto Exchanges Join Forces To Provide Aid To Turkey After Devastating Earthquakes
Photo: Cointelegraph via Wikimedia Commons
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.